Asian markets led by Seoul's Kospi saw sharp declines on June 8, 2026, driven by tech sector selling after strong US jobs data raised expectations of Federal Reserve rate hikes and geopolitical tensions in the Middle Middle East pushed oil prices higher. The Nikkei 225, Taipei and other major indices fell sharply while Bitcoin also dropped.
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HONG KONG: Seoul's Kospi stock index dived more than eight per cent to lead a rout across Asia on Monday as tech firms were hammered and strong US jobs data fuelled bets on a Federal Reserve interest rate hike.about an escalation of the Middle East crisis, adding to the gloomy mood on trading floors and sending oil prices surging more than three per cent. The technology sector bore the brunt of losses on Monday as investors cashed out following a breathtaking surge in recent months powered by a race into all things linked to artificial intelligence.
The selling came after a closely watched report on Friday showed more than double the amount of US jobs than expected were created in May, while those in the previous two months were revised higher. Analysts said that showed the world's top economy remained resilient in the face of surging prices, but ramped up bets on the Fed raising interest rates. Yields on US Treasury bonds rose as investors anticipated higher rates, while the dollar strengthened against its main rivals.
That heavy selling extended into Asia, where tech-rich markets felt the most pain. Seoul - which has hit multiple record highs this year - tanked 8.3 per cent as chipmaker Samsung shed more than 10 per cent and rival SK hynix lost 7.7 per cent. Taipei and Tokyo each dived more than three per cent, while there were also hefty losses in Hong Kong, Shanghai, Singapore, Manila, Mumbai, Jakarta, Wellington and Bangkok.
Bitcoin was hovering around US$63,000 after sinking below US$60,000 on Friday to its lowest level since October 2024, just before the election of Donald Trump to the US presidency propelled it to a record high.
"Stronger-than-expected labour market data reignited concerns that the Federal Reserve may be preparing to embark on a new tightening cycle," said SPI Asset Management's Stephen Innes. He added that"fading hopes for progress in Middle East peace negotiations kept energy markets on edge, and a handful of disappointing guidance updates from major technology companies interrupted what had become an increasingly one-way artificial intelligence trade".
Investors were already concerned about extended valuations in the AI realm, which has been the main catalyst for a global market surge in the past two years, eclipsing worries about the Middle East crisis. US chipmaker Broadcom's below-forecast revenue outlook for the third quarter added to those concerns.
Fears about a re-escalation of the Iran war pushed crude prices sharply higher after Israeli said on Monday it had struck targets in western and central Iran, as Iranian state TV reported explosions in the cities of Tehran, Tabriz and Isfahan. The attacks came a day after Israel said its military intercepted incoming Iranian missiles, the first such barrage since an April ceasefire took hold. Subscribe to our Chief Editor’s Week in Review
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